Foreclosure and Bankruptcy

FORECLOSURE ...

...and keep your real estate!

Bankruptcy can stop a foreclosure of your real estate and you are given an opportunity to keep your real estate!

Have you fallen behind with your mortgage payments? Does your mortgage company give you the run around in the mortgage modification process? It happens too often. The problem is trying to explain your situation and work something out with the lender. THEY DO NOT CARE! You made an agreement with them and they want their money or they want your home.

Bankruptcy can stop the foreclosure and give you an opportunity to save the home.

However, the unfortunate reality is that many people delay seeking representation. They rely on the representations from mortgage brokers, their mortgage company, or third parties who promise that they can procure some type of loan modification rather than independent legal counsel who is looking out for you.

What is foreclosure?

Foreclosure is a legal proceeding in which a creditor pursues legal action to take real estate against which they have loaned money and the debtor has defaulted on his or her obligation to make payments. If the creditor sells the real estate at the sheriff sale to try and satisfy their loan, any remaining balance after the liquidation (sale) is called a deficiency balance. Debtors are still obligated to pay the deficiency balance even after they lose the property.

How does bankruptcy stop a foreclosure?

With limited exceptions, as soon as a bankruptcy is filed, an automatic stay goes into effect which halts all collection efforts including the foreclosure legal proceedings or sheriff’s sale of your real estate. Indiana is a judicial foreclosure state, which means that Indiana residents still own their real estate until the sheriff sale is over. Generally, upon notification of a bankruptcy filing, mortgage creditors are REQUIRED to remove the real estate from the sheriff sale and comply with the Debtor’s repayment plan under chapter 13.

For example, a Debtor who was 8 months delinquent on a mortgage where the payments are approx $800.00 per month, could file a Chapter 13 Bankruptcy and pay back the $6400.00 delinquency plus the regular mortgage payments over the plan life.

What should you do now?

If you face foreclosure unfortunately time is not on your side. If I am going to help you make this foreclosure mess go away, we need to talk as soon as possible.

How do I get started?

Call Steven P. Taylor, P.C. | Indiana Bankruptcy Lawyer

The first step in the process is finding an experienced bankruptcy attorney. We understand that for many clients, Saturdays are the only days they have off, so we make ourselves available. We welcome the opportunity to meet with you to talk to you about your situation at no charge. More than anything, we look forward to helping our clients get a fresh start so that they can start living their lives again.

Contact the law firm of Steven P. Taylor, P.C. today at (317) 271-1111 or (765) 868-0807 for a free consultation about whether you should file for Chapter 13 bankruptcy to save your home in Indiana or email us your questions.

Prior to your first meeting with my office, please complete the above downloads. They can provide me with further insight into your financial situation and allow me to determine if Chapter 13 bankruptcy to save your home will work for you.